Silver Price Analysis: XAG/USD sellers cheer 100-day SMA break near one-month low


  • Silver bears catch a breather after refreshing multi-day low.
  • Downside break of 100-day SMA directs sellers toward an ascending trend line from March 18.
  • Bulls look for entries beyond previous support line.

Having dropped to a fresh low since the mid-December, silver takes rounds to $24.60, down 2.70%, during early Monday. While a downside break of an ascending trend line from November 30 pleased the commodity sellers during last week, the latest south-run below 100-day SMA highlights a multi-month-old support line for sellers.

It should be noted that an absence of oversold RSI adds strength to the downside momentum.

That said, the $24.00 round-figure can offer an intermediate halt during the fall targeting an aforementioned support line, currently near $23.60.

Also acting as the key support is 200-day SMA, at $22.07 now, followed by November’s low of $21.89.

On the contrary, an upside break of 100-day SMA, currently around $25.03 can aim for November’s top near $26.00. However, any further rise needs to regain above the previous support line, at $27.25, to convince buyers. Additionally, the monthly high of $27.92 acts as an extra filter to the north.

Overall, silver prices have some more room to the downside before confronting the key technical supports.

Silver daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 24.63
Today Daily Change -0.66
Today Daily Change % -2.61%
Today daily open 25.29
 
Trends
Daily SMA20 26.03
Daily SMA50 24.86
Daily SMA100 25.06
Daily SMA200 22.02
 
Levels
Previous Daily High 27.21
Previous Daily Low 24.47
Previous Weekly High 27.92
Previous Weekly Low 24.47
Previous Monthly High 27.41
Previous Monthly Low 22.59
Daily Fibonacci 38.2% 25.52
Daily Fibonacci 61.8% 26.17
Daily Pivot Point S1 24.11
Daily Pivot Point S2 22.92
Daily Pivot Point S3 21.36
Daily Pivot Point R1 26.85
Daily Pivot Point R2 28.4
Daily Pivot Point R3 29.59

 

 

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